First time buyers often ask about title insurance, what it is, and whether they should buy it. Lender’s title insurance is required with most loans, however, owner’s title insurance is normally optional. Home buyers must think about the features and make their own determination given the expense and coverages. In this blog is title insurance facts for Bennington properties.
Title Searches Do Not Detect Everything
Before settlement, a title search is routinely completed by a title company. This confirms that no other entity has a lien on the home (based on records on file) and that the title is clear to be given to the buyer of the home. The title search is not guaranteed and does not always identify hidden risks in the title. Title insurance will cover many unknown title issues and the legal fees that come with protecting your ownership rights in a property.
Title Insurance Extent of Coverage
Title insurance is a single charge at closing that will insure you for the entire time that you retain ownership of the real estate. You may purchase it at almost any time, but it is normally more cost effective when selected at closing. The fee is calculated using the loan amount.
Title Insurance Facts For Bennington Properties and Coverage
Title insurance typical coverages include…
- Misrepresentation in connection with the execution of past title transfers.
- Pressure on a grantor or executor (of a will).
- False impersonation by individuals purporting to be owners of a home.
- False marital status of a grantor.
- Mental Incapacity of parties involved.
- Conveyance of a under-aged person.
- Non-delivery of critical paperwork.
- Unresolved claims not mentioned in the records.
- Mis-indexing at Registry of Deeds.
- Clerical errors in recording legal documents.
- Delivery of deeds after the death of a seller.
- Deeds executed under unauthorized powers of attorney.
Some policies also cover…
- undisclosed heirs.
- Issues with wills.
- Incorrect execution of trusts.
- Additional heirs subsequent to the date of a will.
- Incorrect land surveys.
- Incorrect property descriptions.
- Confusion from similar names.
The above is merely an overview. Consult a local title company for current title insurance facts for Bennington properties and costs, as they may differ depending on the provider. This blog should not be considered as legal advice and is likely to change.
